Pantera to close Blockchain Fund soon after raising $1.3B — double the target

Crypto hedge money elephantine Pantera Capital is acceptable to adjacent a blockchain money adjacent period that is backed by astir $1.3 cardinal worthy of capital.

The Pantera Blockchain Fund was announced successful May past year, with plans to rise $600 cardinal to put successful early-stage tokens, task equity, Web3 firms and tokens with beardown liquidity. It has since surpassed that people significantly, with the steadfast revealing past period that the money had topped $1 billion.

The latest $1.3 cardinal fig was noted during an April 12 capitalist league telephone regarding the company’s caller $200 cardinal Pantera Select Fund that volition backmost “growth stage” crypto firms that are acceptable to make revenue, arsenic opposed to firms successful aboriginal backing stages that being sought retired via the Blockchain Fund.

While a circumstantial closing day for the money wasn’t detailed, Pantera Capital CEO Dan Morehead suggested it could beryllium successful aboriginal May:

“We’re wrapping up the Blockchain Fund, I deliberation it’s gonna beryllium astir $1.3 cardinal and implicit the adjacent 3 oregon 4 weeks, and arsenic immoderate of the large institutions that person precise elaborate owed diligence processes wrapper up, we volition beryllium done with that fund.”

Moving forward, Morehead besides noted that the institution volition past displacement its absorption to closing the Blockchain Fund II 2023, which volition “essentially beryllium the same” arsenic the erstwhile saltation of the money and look to get further deals successful the “early-stage backstage token space, and caller deals successful the aboriginal task space.”

“We volition travel backmost with a larger and much diversified and astir apt longer concern play growth-stage fund, successful accidental 2024,” Morehead added.

The Pantera Select Fund is besides expected to adjacent successful aboriginal May with astir $200 cardinal worthy of capital. The steadfast stated that the money volition beryllium utilized to enactment and standard companies that are already unfastened for business:

“The Fund is expected to put successful astir 10 companies implicit the adjacent 18 months oregon so. We volition chiefly absorption connected much mature, revenue-generating companies than our emblematic Seed and Series A task investments.”

Pantera stated that the money volition put successful firms crossed aggregate crypto sectors specified arsenic blockchain infrastructure, nonfungible token (NFT) platforms, Web3 gaming, the Metaverse, exchanges and decentralized concern (DeFi).

Related: Hedge money study says Bitcoin terms is ‘at a comparatively inexpensive place’

In the firm’s April 5 newsletter, the Pantera CEO besides stated that the funds volition beryllium “smaller, much targeted, and truthful much concentrated than a emblematic maturation fund” arsenic helium emphasized his bullishness connected having aggregate deals already successful place:

“For the archetypal clip successful our 9 years, we person 3 precise compelling growth-stage deals locked successful each astatine the aforesaid time. That catalyzed america to connection a peculiar money to assistance Limited Partners summation vulnerability to these growth-stage deals positive 7 to 9 much we volition put successful implicit the adjacent year.”— Dan Morehead (@dan_pantera) April 6, 2022